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Weekly News Roundup

April 17, 2022 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

Events of Importance through the week:

  • In light of the emergency Monetary Policy (MPC) meeting held on April 7th, 2022, the next regular meeting of the MPC is now scheduled for May 23rd, 2022.
  • Amid raising grave concerns of federal employees over PM Muhammad Shehbaz Sharif’s decision to impose a six-day workweek, the government is likely to reverse its decision right after Eid-ul-Fitar.
  • The government’s decision to continue petrol and diesel subsidies will have to be revisited as the country is losing Rs21 per litre on petrol and Rs52 per litre on diesel.
  • The National Electric Power Regulatory Authority (NEPRA) on Friday expressed deep concern over the closure of power plants due to the unavailability of fuel and technical faults.
  • Meanwhile, NEPRA has also increased the electricity tariff of Distribution Companies (Discos) by Rs4.853 per unit for February 2022.
  • On the same day, the government has decided to keep the petrol prices unchanged for the next fortnightly. 
  • From October-December 2021, customers’ inclination toward rose to 10.7% in volume and 22.8% in value of transactions on a Quarter-on-Quarter (QoQ) basis, SBP said in its report.
  • The Central Directorate of National Savings (CDNS) attained Rs 870 billion in fresh bonds in the last seven months of the current fiscal year 2021-22 from July 1st to April 14.
  • The SECP has launched an online portal for Companies Easy Exit Scheme, automating and simplifying the process of an easy exit.
  • NEPRA on Thursday took serious notice of ongoing unscheduled power load-shedding in various parts of the country.
  • Pakistan's new government led by Prime Minister Shehbaz Sharif is in internal discussions on whether to roll back fuel and power subsidies that have blown a hole in public finances amid a stuttering economy.
  • Building upon current momentum, banks have shown strong progress in approving and disbursing the financing under Mera Pakistan Mera Ghar Scheme against the manifold increase in applications by borrowers to avail of housing finance.
  • Pakistan Railways has planned to hand over its residential colonies to Distribution Companies (DISCOs) and Karachi-Electric.
  • Prime Minister Muhammad Shehbaz Sharif will likely name Miftah Ismail, a former finance minister, ahead of crucial talks with the International Monetary Fund, along with the rest of the cabinet.
  • Pakistan Software Export Board (PSEB) and State Life Insurance Corporation (SLIC) signed a Memorandum of Understanding (MoU) to develop and offer insurance products and services tailored to meet the needs of the ICT industry professionals and freelancers.
  • Prime Minister Mohammad Shehbaz Sharif said on Wednesday during his meeting with Sindh Chief Minister Syed Murad Ali Shah that efforts will be made to provide improved transportation facilities.
  • On Wednesday, the Federal Board of Revenue (FBR) clarified that the issue of credit notes has been resolved.
  • Following the decision of the federal government, the State Bank of Pakistan (SBP) is also observing a six-day working week during the holy month of Ramadan.
  • The Oil and Gas Regulatory Authority (OGRA) has declined the price of Re-gasified Liquefied Natural Gas (RLNG) price for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) for April 2022 by $0.20/mmbtu to $15.62/mmbtu and $16.91/mmbtu, respectively.
  • The invoices issued by Tier-1 Retailers integrated with the Point of Sale (POS) System surged to 48 million during the month of March 2022.
  • K-Electric secures $ 100 million in financing from Dutch Development Bank FMO to enhance its transmission and distribution network.
  • The public sector development funding during July to March FY22 period stood at around Rs424 billion which was 47% of the total outlay set for FY22.
  • While refuting the fake news on social media pertaining to large withdrawals from the Roshan Digital Account (RDA), SBP has informed that total inflows in RDA have now surpassed $4 billion.
  • SECP registered 2,354 new companies in March 2022, raising the total number of registered companies to 165,688.
  • Pakistan is working to draw a $3 billion balance from the IMF loan, the Governor State Bank of Pakistan (SBP) Reza Baqir said in an interview with Bloomberg during the departed week.
  • Moody’s Investors Service on Monday maintained its stable outlook on Pakistan’s banking system, signifying economic momentum and growing financial inclusion.

Announcements:

  • On the equity front, Awwal Modaraba has received NOC from Registrar Modarabas on the proposed merger of the company with and into Awwal Corporation Restructuring Company Limited (ACRCL).
  •  Ghani Chemical industries Limited (GCIL) has disinvested 20 million ordinary shares of G3 Technologies Limited.
  • Renacon Pharma Limited (RPL) is enhancing its production capacity, by almost ten times the existing capacity to meet the demand for Hemodialysis solutions.
  • TPL Insurance (TPLI) has entered into a share subscription agreement and a shareholder’s agreement with the Finnish Fund for Industrial Cooperation Limited (Finnfund).
  • Shahzad Textile has installed 60 imported (MACCHINA GK544) and 7 local (L442J &JR) Knitting machines for its Socks & Hosiery manufacturing unit.
  • The Board of Directors of Ghani Chemical Industries Limited on Thursday decided to merge G3 Technologies Limited (PSX: GTECH), an associated company with and into GCIL.
  • Mari Petroleum Company Limited (MPCL) will divest its entire shareholding of MPCL comprising 20.9 million shares in National Resources (Pvt) Limited (NRL).
  • Dolmen City REIT (DCR) has maintained its net profits at Rs4.1bn during 9MFY22 due to a rise in rental income.
  • The shareholders of Kohat Cement Company Limited (PSX: KOHC) have resolved to invest up to Rs600 million by way of short-term running finance of in Ultra Kraft (Private) Limited (UKPL).
  • Pakistan Telecommunication Company Limited has suffered a net loss of Rs1.5 billion in 1QCY22, against a net profit of Rs1.6bn in 1QCY21.
  • The board of directors of Landmark Spinning Industries Limited has approved the draft Scheme of Arrangement as per which Liven Pharmaceuticals (Private) Limited (LPL) shall be merged with and into the company.
  • Supernet Limited has raised Rs475 million through book-building at the GEM Board of PSX.
  • G3 Technologies Limited has Rs1.37 billion (58.7%) unutilized funds out of Rs2.34bn of the right subscription amount for the quarter ended March 31, 2022, while Rs966 million (41.3%) has been utilized for Calcium Carbide Project, an investment in GCIL and working capital requirements.
  • Agha Steel Industries Limited plans to raise Rs2 billion (inclusive of a greenshoe option of Rs500 million) via a Rated, Secured and Privately Placed Sukuk.
  • Sazgar Engineering Works Limited (SAZEW) sold 1,911 units of Auto Rickshaw during the month of March 2022, which was around 27% higher than the sales of 1,504 units made in the previous month.
  • Ghani Global Glass Limited has successfully utilized the right subscription amount of Rs1.4 billion for expansion in new furnace & production line, and repayment of borrowing.
  • Nishat (Chunian) Limited (NCL) has resolved the Scheme of Compromises, Arrangement and Reconstruction for making NCL and Nishat (Chunian) Power Limited totally independent of each other by the transfer of NCPL shares amongst the member of NCL.
  • First Capital Equities Limited (FCEL) is in process of negotiations with secured creditors/financial institutions for the settlement of its overdue financial obligations on some favourable terms.
  • Pakistan Stock Exchange (PSX) has significantly eased the requirements for eligibility of accredited individual investors investing in companies on the GEM Board.
  • Lucky Electric Power Company Limited (Lucky Electric) has signed a coal supply agreement with Sindh Engro Coal Mining Company (SECM) for its 1x660MW (gross) coal fired power plant.
  • Meezan Bank and Burj Solar Energy Private Limited (BSEPL) are pleased to announce the financial close of Rs1 billion syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in Pakistan.
  • Power Cement Limited (POWER) has informed that the new line III of the company’s plant is expected to resume operations by the end of April 2022.
  • Highnoon Laboratories Limited is planning to embark on a major expansion plan. For this, the company has acquired twelve (12) acres of land at the Quaid-e-Azam Business Park on the Lahore-Islamabad Motorway.

Copyright Mettis Link News

Posted on: 2022-04-17T12:14:12+05:00

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